1. The demand for a tactor a. cepends on ull! marginal uity rece,ved t101n curtz
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Question
1. The demand for a tactor a. cepends on ull! marginal uity rece,ved t101n curtzumng te lactur b. copans on the demand far the product that he fachor produces 8 What is the aginal nue procuct af the cighth workr? c aqual to the optimsil quantty b 250 a 5200 d 150 a maqinalprvae benntisles than maroinal prtwa coat maia ra hanei greatar than mam nal privaha ces C, may nal pnaste benefT is equalmarginal private ost 9 what is the profit-matinizing numer cr workers to employ? 2. The change in total reenue from employing an acdional factor unilis a maal phyaical preduct b mainal actor cost c. mapnal revenue product d mainal resource utity to the persun a chengng the eeal beett or cot inlo apeale benelt or co b. prohbitng the prcduction ut exl ucts d he above generong it Answer quesions 3 thrcugh 12. ater compleing te foloing table. Assume an culput price of 10 I the culpuprie increaed 1o , whet wuud be the prutt-mamiang rumber of workers lo mpy? 1005500 0 950 entablshing Frivata prnoem nghts and maching voluntary agreemarts 11. It the culpur pno deraed 1o 54, what cukd be the prelr momcn d chesse 190 300 a·ii resut in zero pollution b is whee he MSO cool equale the MSC of control d e Ecth of the aboue8 d Neier of he above 12 ir the output prioe i back to S5and he Mrc ecreased 10 S2 10, whal Muld be Ihe profit-ming number of worker o empuy? 22 Government action ices nciat alocation af c. Bc of the abowe what is tha manginai phyical product at hewanth wnar? a. are uscd becauc amployer lack perfect imormation o patriotism d ic pride a. can onlypress tei peferences from the baiatue candideles c Dcth of the above 5 whet is the total revene uten fve workers are employed? 24 VoMer: b $2250 C. $2450 d $2500 d Al othe atove 15. Market felure 25 People a uLcurs wen the mael does nol pruduce te upi b car be caused by a lackt perfect compton quanity uf outpu are 1kcts, to be more salted wth the chcices tat tey can rmake as concurrers what s the total rawanue whan sann workn are emplased? than wth tha rhaicRs thar thay can maia tars b are Ikely to be better informed abou ther choces ter than about their C 52450 d 52000 b grester than the oplimal quamity aqal to tha optral qantty 26. Lo voter turnout oocurs because 7. What is the maminal revenueproduct of the fourth wroer? a the cost ofvotng very high b. mem potential voles undeeetimale the a $200 elfect oftheir one vote c. $300 d $350 17. In anedemal benet is generated, he piate maket equlrium wil be d Dot 8. and c atove b grester than the opli al quenityExplanation / Answer
1. C. Demand for a factor is a derived demand. It also depends on the productivity of the factor.
2. C. Marginal Revenue Product. MRP is the additional revenue received by hiring the factor of production like labor.
3. B. $70
4. C. $40
Workers Widgets MPP ($) Total Revenue ($) MRP ($) MFC $ 0 0 x 0 x x 1 100 100 500 500 300 2 190 90 950 450 300 3 270 80 1350 400 300 4 340 70 1700 350 300 5 400 60 2000 300 300 6 450 50 2250 250 300 7 490 40 2450 200 300 8 520 30 2600 150 300 MPP is the additional output due to hiring an one more worker. MRP is the additional revenue due to hiring an one more worker.Related Questions
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